Tyson Foods Inc. has reached an agreement to purchase Keystone Foods from Brazil-based Marfrig Global Foods for $2.16 billion in cash. By acquiring Keystone, a major fast-food protein supplier, Tyson furthers its growth and expansion in the protein market. The acquisition includes six processing plants and an innovation center in the U.S. with locations in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin. Keystone processes approximately 2 billion pounds of poultry, 300 million pounds of beef, 32 million pounds of fish and 12 million pounds of pork yearly. Keystone currently employs approximately 11,000 people and generated revenue of $2.5 billion in the past fiscal year. The transaction, which has been approved by Tyson Foods’ board of directors, is expected to close in mid-2019.
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